VANHAVERBEKE KOEN: what changed
VANHAVERBEKE KOEN
Largest movements
- Cash +€17,147
new in 2025: €17,147
mainly Net result for the year (+€33,661) and Depreciation (+€23,947)
- Stocks and contracts +€8,336
up €8,336 (+16.8%), from €49,656 to €57,992
- Receivables within one year -€8,093
down €8,093 (-38.9%), from €20,822 to €12,729
of which Trade receivables: -€5,588
- Tangible fixed assets +€6,032
up €6,032 (+11.1%), from €54,322 to €60,354
of which Plant, machinery and equipment: +€20,333
- Profit (loss) carried forward +€33,661
up €33,661 (+78.2%), from -€43,027 to -€9,366
- Other debts -€23,814
down €23,814 (-100%), from €23,814 to €0
- Short-term financial debts -€8,770
down €8,770 (-100%), from €8,770 to €0
- Tax, wage and social debts +€7,539
up €7,539 (+107%), from €7,045 to €14,584
of which Remuneration and social security: +€6,576
- Trade debts +€5,323
up €5,323 (+38.8%), from €13,713 to €19,035
- Gross operating margin +€94,676
up €94,676 (+161%), from €58,935 to €153,611
- Staff costs +€53,657
up €53,657 (+133%), from €40,206 to €93,863
- Financial charges -€1,937
down €1,937 (-66.6%), from €2,908 to €971
- Depreciation +€1,702
up €1,702 (+7.7%), from €22,245 to €23,947
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €129,527 | €152,577 | +€23,050 | +17.8% |
| Fixed assets | 21/28 | €55,660 | €61,138 | +€5,478 | +9.8% |
| Intangible fixed assets | 21 | €1,338 | €784 | -€554 | -41.4% |
| Tangible fixed assets | 22/27 | €54,322 | €60,354 | +€6,032 | +11.1% |
| Land and buildings | 22 | €15,402 | €11,384 | -€4,018 | -26.1% |
| Plant, machinery and equipment | 23 | €15,017 | €35,350 | +€20,333 | +135% |
| Furniture and vehicles | 24 | €23,903 | €13,620 | -€10,283 | -43.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €73,867 | €91,439 | +€17,571 | +23.8% |
| Stocks and contracts in progress | 3 | €49,656 | €57,992 | +€8,336 | +16.8% |
| Stocks | 30/36 | €49,656 | €57,992 | +€8,336 | +16.8% |
| Amounts receivable within one year | 40/41 | €20,822 | €12,729 | -€8,093 | -38.9% |
| Trade receivables | 40 | €16,379 | €10,791 | -€5,588 | -34.1% |
| Other amounts receivable | 41 | €4,443 | €1,938 | -€2,505 | -56.4% |
| Current investments | 50/53 | €4 | €0 | -€4 | -100% |
| Cash at bank and in hand | 54/58 | - | €17,147 | +€17,147 | |
| Deferred charges and accrued income | 490/1 | €3,386 | €3,571 | +€185 | +5.5% |
| Total equity and liabilities | 10/49 | €129,527 | €152,577 | +€23,050 | +17.8% |
| Equity | 10/15 | €46,865 | €80,525 | +€33,661 | +71.8% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €49,891 | €49,891 | = | 0.0% |
| Tax-exempt reserves | 132 | €187 | €187 | = | 0.0% |
| Distributable reserves | 133 | €49,704 | €49,704 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,027 | -€9,366 | +€33,661 | +78.2% |
| Amounts payable | 17/49 | €82,662 | €72,051 | -€10,611 | -12.8% |
| Amounts payable after more than one year | 17 | €14,953 | €19,191 | +€4,238 | +28.3% |
| Financial debts | 170/4 | €14,953 | €19,191 | +€4,238 | +28.3% |
| Amounts payable within one year | 42/48 | €67,709 | €52,860 | -€14,849 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €14,368 | €19,241 | +€4,873 | +33.9% |
| Financial debts | 43 | €8,770 | €0 | -€8,770 | -100% |
| Credit institutions | 430/8 | €8,770 | €0 | -€8,770 | -100% |
| Trade debts | 44 | €13,713 | €19,035 | +€5,323 | +38.8% |
| Suppliers | 440/4 | €13,713 | €19,035 | +€5,323 | +38.8% |
| Taxes, remuneration and social security | 45 | €7,045 | €14,584 | +€7,539 | +107% |
| Taxes | 450/3 | €2,700 | €3,664 | +€964 | +35.7% |
| Remuneration and social security | 454/9 | €4,345 | €10,920 | +€6,576 | +151% |
| Other amounts payable | 47/48 | €23,814 | €0 | -€23,814 | -100% |
| Non-recurring operating income | 76A | - | €13,400 | +€13,400 | |
| Remuneration, social security and pensions | 62 | €40,206 | €93,863 | +€53,657 | +133% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,245 | €23,947 | +€1,702 | +7.7% |
| Other operating charges | 640/8 | €2,232 | €1,222 | -€1,010 | -45.2% |
| Gross operating margin | 9900 | €58,935 | €153,611 | +€94,676 | +161% |
| Operating profit (loss) | 9901 | -€5,747 | €34,579 | +€40,326 | |
| Financial income | 75/76B | €1,371 | €53 | -€1,318 | -96.2% |
| Recurring financial income | 75 | €1,371 | €53 | -€1,318 | -96.2% |
| Financial charges | 65/66B | €2,908 | €971 | -€1,937 | -66.6% |
| Recurring financial charges | 65 | €2,908 | €971 | -€1,937 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,284 | €33,661 | +€40,945 | |
| Profit (loss) for the period | 9904 | -€7,284 | €33,661 | +€40,945 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,284 | €33,661 | +€40,945 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.